Is CDLR a good stock to buy? We came across a bullish thesis on Cadeler A/S on Economiyaki’s Substack by Stefan Liemawan. In this article, we will summarize the bulls’ thesis on CDLR. Cadeler A/S’s share was trading at $22.89 as of June 9th. CDLR’s trailing and forward P/E were 6.54 and 7.72 respectively according to Yahoo Finance.
Cadeler is emerging as a dominant offshore wind installation platform owner positioned to benefit from accelerating global offshore wind buildout and a rapidly expanding, highly constrained vessel supply market. The company operates the world’s largest fleet of jack-up wind turbine installation vessels, scaling from five vessels at the start of 2025 to ten today, with visibility to 12 vessels by 2027 and a long-term roadmap toward 14 vessels through two additional orders.
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Cadeler’s next-generation vessels require multi-year construction cycles and capital intensity above €500 million each, which has effectively limited global supply growth and strengthened pricing power as customers prioritize reliability and installation certainty over cost. This supply discipline has resulted in a structurally tight market, with no new vessel orders globally since Cadeler’s last order in 2024, reinforcing the company’s strategic advantage as an early scaled entrant.
Financially, Cadeler has transitioned into a high-growth infrastructure operator, generating €620 million in 2025 revenue versus €249 million in 2024, while EBITDA expanded to €425 million with a 45 percent net margin supported by a €2.8 billion backlog. Management expects revenue to roughly double again by 2027, supported by already secured backlog visibility and improving utilization as new vessels enter service and legacy project delays normalize.
A key emerging growth lever is Nexra, Cadeler’s operations and maintenance platform, which is building recurring, high-margin revenue streams through long-term contracts including a €210 million Vestas agreement and expanding Asia exposure. The fleet remains the moat, positioning Cadeler as long-term offshore wind winner globally expanding.
Previously, we covered a bullish thesis on Tidewater Inc. (TDW) by Jake LaMotta in October 2024, which highlighted strong offshore drilling fundamentals, tight supply-demand dynamics, and rising dayrates driving operational leverage. TDW’s stock price has appreciated by approximately 18.76% since our coverage. Stefan Liemawan shares a similar view but emphasizes Cadeler’s fleet-driven moat and offshore wind installation scarcity rather than oil-focused offshore services exposure.
Cadeler A/S is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held CDLR at the end of the first quarter which was 7 in the previous quarter. While we acknowledge the risk and potential of CDLR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CDLR and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
